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EUR/USD Faces Tough Resistance at 1.1230/40 -

Sep, 30th 05:23

euro-analysis

The EUR/USD ended the day flat, unchanged around 1.1230/40, and the short term picture is mild bearish, given that the price is hovering around a horizontal 20 SMA in the 1 hour chart, whilst the technical indicators head lower below their mid-lines, yet as long as above the 1.1200 level, the declines should remain limited.

In the 4  hours chart, the technical stance is bullish, as the price is above its 20 SMA that anyway lacks directional strength, whilst the technical indicators are turning slightly higher in neutral territory. In this last time frame, the price is now around its 100 and 200 SMAs, both together and horizontal, reflecting the lack of directional strength.

Meanwhile currencies are still swinging at the pace of stocks, changing direction alongside with equities ever since the day started.

The macroeconomic calendar was fulfilled with data, but investors ignored it. Anyway, news were negative in the EU as German inflation fell 0.2% in September, resulting in a 0.0% year-on-year reading. In the US, things look slightly better as consumer confidence in the same month jumped to 103.0 against expectations of 96.1.

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